Karachi March 8 2023: JS Group confident that the interim injunction granted by Sindh High Court will be vacated soon, according to filing to the exchange.
An interim injunction has been granted by the Sindh High Court against the Bank in relation to its proposed acquisition of majority shares and control of Bankislami Pakistan Limited on the application of Plaintiffs namely (i) Muhammad Ayub Tureen, (ii) Mohsin Balagamwala, (iii) Asif Mannan, and (iv) AKD investment Management Limited., the filing states.
The legal advisor of the Bank is of the view that the order has been granted mainly because misleading and incomplete information regarding applicable laws was provided by the Plaintiffs in support of their frivolous application.
The legal advisor of the JS Bank and Bank Islami is confident that this temporary injunction will be vacated soon.
